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Condo Fees Rising
We received this question via email:
A letter was put under our condo door stating that we will be receiving a 12% increase in condo fees. Last year it was an 8% increase. The letter was sent from our Property Management. The Board hasn’t met to pass this initiative, apparently it meets this coming Monday. What action of recourse do you suggest? Can you provide any assistance in helping the owners deter this action?
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1 Reply
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I know the writer was not happy about the fee increases, but frankly, one of the most significant issues we see in COF is that boards are under-budgeted and underfunded, because they want to keep condo contributions low..
The board is responsible for operating the complex, and if they are doing their job, they will ensure the condo is well funded.
Condos are facing increases in many parts of their operations. Insurance costs are increasing for many reasons, including global warming/climate change leading to significant losses for the insurance industry worldwide and estimated replacement costs rising.
In addition, you can expect utility cost increases to impact many apartment-style condos in the next future.
